CHINA REBAR: Adverse weather, cheaper raw materials deprive market of upside

Heavy rain and a price decrease for raw materials deprived China's domestic rebar market of any upward momentum this week. Rebar prices stopped falling on Friday September 18 on rising futures, which kept it at the same level as a week earlier.

Domestic
Eastern China (Shanghai): 3,680-3,700 yuan ($545-548) per tonne, unchanged
Northern China (Beijing) weekly assessment: 3,620-3,640 yuan per tonne, down by 10-20 yuan per tonne
Five days of rain across various parts of China affected the construction sector, resulting in a drop in demand for rebar.

Falling prices for steelmaking raw materials also led buyers to expect mills to lower their list prices. As such, buyers retreated to the sidelines...

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